Transmeta announced their first product, the Crusoe processor, in 2000. Before then they were highly secretive and nobody knew what area they would compete in.
Intel was indeed worried about the laptop market when the Crusoe came out, but quickly adopted the voltage and frequency scaling into their own processors negating some of Transmeta's key technical advantages.
Meanwhile, IBM changed directions as a third party fab (they dropped bulk CMOS to focus on SiliconOnInsulator) leaving Transmeta without a product to sell until they could find a new fab and design their next generation product for that.
Intel was indeed worried about the laptop market when the Crusoe came out, but quickly adopted the voltage and frequency scaling into their own processors negating some of Transmeta's key technical advantages.
Meanwhile, IBM changed directions as a third party fab (they dropped bulk CMOS to focus on SiliconOnInsulator) leaving Transmeta without a product to sell until they could find a new fab and design their next generation product for that.